5. Customer Tax Allowance Limit

You can maintain tax-free allowance limit at the customer account level. The allowance limit at account level will be used only for Interest computed on the account.

This chapter contains the following section:

• Section 5.1, "Maintaining Customer Tax Allowance"

5.1 Maintaining Customer Tax Allowance

You can access this screen by typing ‘STDCULMT’ in the field at the top right corner of the Application tool bar and clicking the adjoining arrow button. The screen appears as shown below:

Specify the following details.

Customer Account Number

You need to specify the customer account for which you wish to maintain Tax Allowance Limit. The customer name will be displayed alongside.

Tax Category

Specify the Tax Category for which you wish to maintain tax allowance limit at the customer account level. The description appears displayed alongside.

Customer Number

You need to specify the Customer Number for which the Customer Account Tax allowance Limit is being defined.

Customer Name

The customer name will be displayed alongside.

From Date

You need to specify the date from which the customer account tax allowance limit is effective

To Date

You need to specify the date up to which the customer account tax allowance limit will be applicable. The End Date should be greater than or equal to the Start Date. You can also leave the End Date blank which would indicate that the maintenance is open ended.

Limit Amount

You need to specify the allowance amount for the customer account. Any interest earned by the customer, exceeding this amount will be liable for tax deduction. The utilization of the allowance would be tracked against the customers and the minimum allowance available at the account level.

Note

The sum of limit amount specified in all the accounts of the customer should not exceed this limit amount.

Limit Currency

This indicates the currency of the tax allowance amount for the selected customer account. The currency appears by default from the Customer Tax Allowance screen and cannot be changed.

Remarks

You may specify any comments you wish to record pertaining to this screen.